The staircase was opened in 1902 as part of the development of the adjacent North British Hotel (the present-day Balmoral Hotel), which at the time belonged to the North British Railway Company together with Waverley station.^{[1][better source needed]}

The steps are flanked by original 1902 shops on the east and Waverley Market on the west. Waverley Market was originally a Victorian multi-level structure built on the site of a stone quarry. The original market was demolished in 1974 having become structurally unstable, and redeveloped ten years later as a multi-level underground shopping mall. It has been remodelled several times since then in an effort to increase its popularity, but with limited success.^[2]

In 2010 Network Rail, the present owners of the station, replaced the original staircase with new stairs, an escalator and a lift (to the south) and added a weather-proof glass-and-steel canopy. The new steps were opened in 2012.^[3] This was primarily to provide disabled access. From 2012 the steps can be closed at the Princes Street entrance when the station is closed.^[4]

55°57′10″N 3°11′24″W / 55.952811°N 3.190015°W / 55.952811; -3.190015